ASIC is currently conducting multiple investigations into conduct connected to the First Guardian Master Fund (First Guardian), a managed investment scheme. First Guardian was operated and managed by Falcon Capital Limited (Falcon Capital).
Key points
Around 6000 investors invested their money, including their retirement savings, into First Guardian.
ASIC has taken court action to preserve the assets of First Guardian so that they can be returned to investors via liquidation and is exploring all options to ensure investors are compensated.
If you invested, you should ensure you are registered with the liquidator and consider contacting the Australian Financial Complaints Authority.
ASIC will post updates on its investigations and enforcement actions to this page. You should check back regularly.
You should be alert to scams targeting investors who have lost money.
Around 6,000 people invested their money, including their superannuation retirement savings, into First Guardian. In many cases, this happened after people were contacted by lead generators and referred to financial advisers. These advisers often told investors to roll over their existing superannuation balances into a choice superannuation fund available on a platform or to set up a self-managed super fund (SMSF) to facilitate investment into First Guardian.
Video: What has happened and what ASIC is doing
This matter involves some of the same persons and companies as ASIC’s investigations into the Shield Master Fund (Shield): Shield Master Fund.
Our first priority for Shield and First Guardian has been to preserve any remaining assets of the schemes to the extent they are available, so they can be recovered for investors. ASIC is investigating numerous individuals and entities connected to First Guardian, including:
the marketing lead generators
the financial advisers and the financial firms that authorised them
the superannuation trustees that made First Guardian available via platforms
the auditors and
the operators of the managed investment scheme.
Falcon Capital is currently in liquidation. Ross Blakeley and Paul Harlond of FTI Consulting were appointed as liquidators of Falcon Capital and were directed by the Court to wind up First Guardian. Information about the liquidation process is available on the FTI Consulting website.
I invested in First Guardian. What should I do?
Video: What happens next and what investors need to know
AFCA is the external dispute resolution scheme for financial complaints in Australia and must deal with complaints independently and fairly. AFCA’s service is free for consumers.
AFCA can be contacted by:
calling 1800 931 678 for free (9am – 5pm Melbourne time), or
Eligibility criteria apply for AFCA to consider complaints. AFCA also has important information for self-managed superannuation fund (SMSF) trustees on their website: Factsheet – SMSF complaints.
If your complaint is about financial advice you received, it’s important to know the name of the advice licensee. This may be different than the name of the advice business you dealt with. You can check ASIC’s financial advisers register.
Licensees are entities that hold an Australian financial services (AFS) licence, and they can authorise people and businesses to provide financial advice on their behalf. Your complaint will be with the licensee.
Financial Services Group Australia (In Liquidation) (AFS licence number 225985) (AFCA Member No. 10327)
Important deadline: ASIC cancelled Financial Services Group Australia’s AFS licence on 7 June 2025. As part of the licence cancellation ASIC required Financial Services Group Australia to remain as an AFCA member until 4 June 2026. This means you need to lodge your complaint with AFCA by 4 June 2026.
5 Point Australia
Financial Services Group Australia (In Liquidation) (AFS licence number 225985) (AFCA Member No. 10327)
Important deadline: ASIC cancelled Financial Services Group Australia’s AFS licence on 7 June 2025. As part of the licence cancellation ASIC required Financial Services Group Australia to remain as an AFCA member until 4 June 2026. This means you need to lodge your complaint with AFCA by 4 June 2026.
AS Financial Planning
Financial Services Group Australia (In Liquidation) (AFS licence number 225985) (AFCA Member No. 10327)
Important deadline: ASIC cancelled Financial Services Group Australia’s AFS licence on 7 June 2025. As part of the licence cancellation ASIC required Financial Services Group Australia to remain as an AFCA member until 4 June 2026. This means you need to lodge your complaint with AFCA by 4 June 2026.
STC Financial Planning
Financial Services Group Australia (In Liquidation) (AFS licence number 225985) (AFCA Member No. 10327)
Important deadline: ASIC cancelled Financial Services Group Australia’s AFS licence on 7 June 2025. As part of the licence cancellation ASIC required Financial Services Group Australia to remain as an AFCA member until 4 June 2026. This means you need to lodge your complaint with AFCA by 4 June 2026.
United Global Capital
United Global Capital (AFS licence number 496179)
United Global Capital went into liquidation in August 2024 and its AFCA membership expired on 31 May 2025. As such, AFCA can no longer accept complaints about United Global Capital at this time.
Important deadline: ASIC cancelled Financial Services Group Australia’s AFS licence on 7 June 2025. As part of the licence cancellation ASIC required Financial Services Group Australia to remain as an AFCA member until 4 June 2026. This means you need to lodge your complaint with AFCA by 4 June 2026.
United Global Capital went into liquidation in August 2024 and its AFCA membership expired on 31 May 2025. As such, AFCA can no longer accept complaints about United Global Capital at this time.
If you were a client of United Global Capital, you can contact the liquidators, SV Partners, by email at ugc@svp.com.au.
Questions and complaints about superannuation trustees
If your complaint is about the superannuation trustee you dealt with, it’s important to know the name of the superannuation trustee.
A superannuation trustee is the company appointed to manage a superannuation fund.
AFCA also has important information for self-managed superannuation fund (SMSF) trustees on their website: Factsheet – SMSF complaints.
Finding additional support
We understand this may be a difficult time for you. Further support is available if you need it.
If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the National Debt Helpline on 1800 007 007 (9:30am to 4.30pm in your local Australian time zone, Monday to Friday).
You can also find a financial counselling agency using the map on ASIC’s Moneysmart website.
You may be able to obtain free independent legal advice from a community legal centre – You can search for your local community legal centre here: Legal Help – CLCs Australia.
Justice Connect may be able to link eligible individuals with firms and barristers that may be able to provide pro bono legal advice. You can visit the Justice Connect webpage here: Home – Justice Connect for more information.
If you are experiencing a mental health crisis and want to talk to someone straight away the following services operate 24/7:
Lifeline
Lifeline Crisis Support – 13 11 14
They also offer online chat and text crisis services.
The Beyond Blue Support Service is available 24/7 for brief counselling. You can call them on 1300 22 4636 or chat to them online. They also have a variety of other mental health supports you can access.
This website provides a listing of Registered Psychologists, including areas of specialty and location: Find a Psychologist | APS
Psychologists set their own fees so there may also be a gap between what Medicare will pay and what is charged. Some psychologists do not provide a Medicare rebate so it is best to ask about fees prior to your session
If you are experiencing family violence including economic abuse you can contact the National domestic violence service – 1800Respect on 1800 737 732: Home | 1800RESPECT.
WARNING – Risk of recovery scams
Video: How to protect yourself from high-risk super switching
Please be alert—ASIC is aware of emails impersonating professional firms that claim to be able to recover lost funds or provide compensation. These may include links to websites requesting login details and other personal or financial information.
ASIC strongly recommends you do not to click on any links or respond to these messages or emails.
ASIC’s Moneysmart website includes guidance that unexpected contact, constant contact and pressure to take action or make a quick decision are warning signs of scams: Protect yourself from scams.
Moneysmart also provides guidance to hang up the call, or block emails or text messages, if someone offers from a third-party organisation to recover lost funds or claims they can recover your losses for a percentage of the recovered losses or for a fee they say is a ‘tax’, ‘deposit’, ‘retainer’ or ‘refundable insurance bond’: What to do if you've been scammed.
If you receive a suspicious message, you can report it to Scamwatch: Report a scam.
Frequently asked questions
ASIC is investigating numerous individuals and entities connected to First Guardian, including:
the marketing lead generators
the financial advisers and the financial firms who held AFS licences that authorised them
the superannuation trustees that made First Guardian available via platforms
the auditors and
the operators of the managed investment scheme.
Our first priority for Shield and First Guardian has been to preserve any remaining assets of the schemes to the extent they are available, so they can be recovered for investors. Our next priority will be holding people and companies to account. We are also actively working with other regulators, government and Treasury on how we can help prevent issues like these.
The investigations in relation to the First Guardian Master Fund and Shield Master Fund are among the most complex and resource-intensive investigations in ASIC’s history. We have had more than 45 court appearances and we expect many more to come. We have executed search warrants with the assistance of the Australian Federal Police, frozen assets, appointed receivers and liquidators, obtained travel restraints against individuals, cancelled financial services licences and banned a number of financial advisers.
Falcon Capital, the entity controlling First Guardian, suspended the processing of applications and withdrawals in May 2024.
No withdrawals can be made now that Falcon Capital is in liquidation.
This is to allow the liquidators to assess the financial position of Falcon Capital and First Guardian and to determine how much money can be recovered for investors.
Liquidators are in the process of identifying the financial positions of Falcon Capital and First Guardian. This includes understanding the assets available and whether they are able to be recovered for the benefit of investors.
Whether any money is returned depends on available assets, court outcomes and the results of liquidation and any recovery proceedings.
Liquidators have stated that it will take considerable time to determine and realise any recoverable assets for investors. In their latest update, liquidators said there is likely to be a substantial shortfall in recoverable funds but did not provide an estimate on any return for investors.
Unfortunately, ASIC cannot provide any information, documents or advice specific to your investment.
If your investment was facilitated through a superannuation platform, you should contact your superannuation trustee for further information about your investment. You can check the table above to find out who your trustee is.
You should contact your super fund to ask if you have insurance. If you retained some money in your original super fund, you should also contact them to check.
Under the law, super funds will cancel insurance on inactive super accounts that haven’t received contributions for at least 16 months if the member has not made an election to keep their insurance. In addition, super funds may have their own rules that require the cancellation of insurance on super accounts in other circumstances, such as where balances are too low.
Your super fund will generally contact you if your insurance is about to end. You should make sure your super fund has your current contact details.
If you want to keep your insurance, but your account may be affected by the issues described above, you’ll need to tell your super fund or contribute to that super account.
You may want to keep your insurance if you:
don't have insurance through another super fund or insurer
have a particular need for it, for example, you have children or dependants, or work in a high-risk job
If you are unsure about the suitability of your current insurance arrangements, you should seek personal advice from a registered financial adviser. ASIC’s Moneysmart website has information on how to choose a financial adviser.
If your investment in First Guardian was made through an SMSF you may wish to consider contacting your accountant or seek independent financial advice. ASIC’s Moneysmart website has information on how to choose a financial adviser.
AFCA also has important information on its website which outlines who can bring a complaint to AFCA about advice or services provided to a SMSF: Factsheet – SMSF complaints.
The liquidators have published a webpage where they are providing updates in respect of Falcon Capital and the First Guardian Master Fund, see: Falcon Capital Limited (In Liquidation).
This webpage has links to various updates and answers to frequently asked questions which have been published by FTI Consulting. We have included these links below for ease:
We are unable to confirm any particular priority of distributions from the liquidation of First Guardian. The priority of distributions is governed by the Corporations Act 2001 (Cth).
Determining the prioritisation of distributions can be complex. Under law, it is a matter for the liquidators. Liquidators act independently of ASIC.
In their Statutory Report to Creditors published on 8 July 2025, the liquidators said that they are considering the extent to which investors in First Guardian may have a claim for losses or damages against Falcon Capital.
Updates
On 27 May 2024, Falcon suspended the processing of applications and withdrawals from First Guardian subject to some limited exceptions (First Guardian Master Fund May 2024 Update). Since that time, the majority of investors have been unable to access their funds.
On 27 February 2025, the Federal Court made interim orders preserving the assets of Falcon, First Guardian and Mr Anderson (25-027MR). ASIC took this action as it was concerned about the management and operation of First Guardian and the associated risks to investor funds. ASIC alleged that:
approximately $274 million of First Guardian’s value comes from cash receivables (i.e. money it is owed) but much of that money is overdue and has not been paid;
more than $23 million of First Guardian’s assets appear to have been paid to entities purportedly providing marketing services which appears contrary to the representations made to investors;
First Guardian has invested in entities which Mr David Anderson, director of Falcon, had an association with or financial interest in, and Falcon appears to have failed to recognise and manage conflicts of interest;
at the time of making their investment, investors may have been exposed to asset classes that differed from what was originally disclosed to them;
investors may have been misled about the security of their investment and likely returns.
In February 2025 and March 2025, the Federal Court made interim orders freezing assets of persons connected to the First Guardian investigation, including:
Osama Saad, former director of Aus Super Compare Pty Ltd (in liquidation) and Atlas Marketing Pty Ltd (in liquidation) (25-023MR);
Ferras Merhi of Venture Egg Financial Services Pty Ltd & United Financial Advice Pty Ltd t/as Venture Egg (Venture Egg) and Financial Services Group Australia Pty Ltd (FSGA) (25-024MR); and
Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation) (25-043MR).
On 9 April 2025, the Federal Court appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon and ordered them to wind up Falcon, First Guardian and related unregistered subsidiary funds (25-055 MR).
Mr Paul Allen of PKF Melbourne, was also appointed as the receiver and manager to the personal property of Mr Anderson. Mr Allen is due to deliver his report to the Federal Court by 8 July 2025 (25-041MR).
On 7 June 2025, ASIC cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA) and permanently banned FSGA’s Responsible Manager (RM) Graham Holmes (25-102MR). Certain authorised representatives of FSGA provided personal financial product advice to consumers to invest in the First Guardian Master Fund. Ferras Merhi was the sole director of FSGA from 10 February 2021 to 30 May 2025. ASIC is investigating Mr Merhi and various entities associated with him, in connection with its investigations concerning Shield and First Guardian. If you intend to lodge a complaint with AFCA in relation to advice received from FSGA or its authorised representatives you should do so by4 June 2026.
On 26 June 2025, the Federal Court made interim travel restraint orders against Falcon Capital Limited directors, Mr David Anderson and Mr Simon Selimaj prohibiting Mr Anderson and Mr Selimaj from leaving Australia until 27 February 2026. The Federal Court also made interim orders freezing the assets of Mr Selimaj (25-117MR).
On 8 July 2025, the liquidators published a statutory report to creditors which contains information for unitholders, creditors and other stakeholders. The liquidators also have published an update to investors including the progress of the winding up of the funds.
On 7 August 2025, an application was filed by Mr Selimaj to set aside the travel restraint and asset preservation orders made against him on 26 June 2025.
On 22 August 2025, the Federal Court made orders appointing a receiver and manager to the personal property of Mr Selimaj and dismissed Mr Selimaj’s application to set aside the travel restraint and asset preservation orders made on 26 June 2025.
On 26 August 2025, ASIC commenced civil proceedings against Equity Trustees alleging failures in due diligence concerning the Shield Master Fund (25-176MR). Equity Trustees oversaw the investment of around $160 million of retirement savings into Shield. ASIC alleges Equity Trustees contravened s52 and s54B of the Superannuation Industry (Supervision) Act 1993 (Cth) and s912A of the Corporations Act 2001 (Cth) by failing to:
exercise the same degree of care, skill and diligence as a prudent superannuation trustee;
act in the best interests of its members;
ensure financial services covered by its Australian financial services licence were provided efficiently, honestly and fairly.
Equity Trustees, as trustee for the AMG Superannuation Fund and Super Simplifier, approved the four classes of Shield as investment options on the NQ Super and Super Simplifier platforms.
ASIC is seeking declarations and civil penalties from the Federal Court.
ASIC also has on ongoing investigation into Equity Trustees in relation to the onboarding and ongoing monitoring of the First Guardian Master Fund.
On 29 August 2025, ASIC sought leave to expand the existing Federal Court civil proceedings against former financial adviser Ferras Merhi, alleging he engaged in unconscionable conduct, failed to act in clients’ best interests, gave conflicted advice, and issued defective statements of advice while receiving millions in fees (25-184MR). ASIC alleges Mr Merhi used marketing companies to direct clients to his advice businesses, Venture Egg and Financial Services Group Australia (in liquidation). Between 2020 and 2024, clients were advised to invest approximately $296 million into the First Guardian Master Fund and $230 million into the Shield Master Fund.
In return, Mr Merhi’s businesses allegedly received nearly $18 million in upfront advice fees and over $19 million in marketing payments from entities associated with First Guardian.
ASIC’s application to make these allegations is subject to the Court’s approval. If the Court gives approval, ASIC will seek interim injunctions prohibiting Mr Merhi from any involvement in a financial services business, the appointment of a receiver to Merhi’s personal property and provisional liquidators to Venture Egg and United Financial Advice.
Relevant media releases
ASIC has obtained orders freezing the assets of First Guardian and Mr David Anderson, a director of Falcon (25-027MR).
ASIC has applied to the Federal Court for the appointment of liquidators to Falcon and for orders directing the liquidators to wind up First Guardian. ASIC is also seeking the appointment of a receiver and manager to the personal property of Mr David Anderson (25-041MR).
Following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Melbourne-based financial adviser Ferras Merhi.
Effective 31 May 2025, Mr Merhi and Venture Egg are no longer authorised representatives of Interprac Financial Planning Pty Ltd (25-024MR).
Following an application made by ASIC, the Federal Court has made interim orders freezing certain assets of Osama Saad, former director of Aus Super Compare Pty Ltd (in liquidation) and Atlas Marketing Pty Ltd (in liquidation) (25-023MR).
Following an application made by ASIC, the Federal Court has made orders freezing assets of Rashid Alshakshir, director of Lion & Horn Pty Ltd (in liquidation), Nohap Pty Ltd (in liquidation) and Indigo Group Pty Ltd (in liquidation) (25-043MR).
Following an application made by ASIC, the Federal Court has made orders appointing Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon and ordered them to wind up Falcon, First Guardian and related unregistered subsidiary funds. The Federal Court also ordered that Mr Paul Allen of PKF Melbourne be appointed as receiver to the property of Mr David Anderson (25-055 MR).
On 7 June 2025, ASIC cancelled the Australian Financial Services (AFS) licence of Financial Services Group Australia Pty Ltd (FSGA) and permanently banned FSGA’s Responsible Manager (RM) Graham Holmes.
Certain authorised representatives of FSGA provided personal financial product advice to consumers who invested the First Guardian Master Fund. Ferras Merhi was the sole director of FSGA from 10 February 2021 to 30 May 2025. ASIC is investigating Mr Merhi and various entities associated with him, in connection with its investigations concerning Shield and First Guardian. If you intend to lodge a complaint with AFCA in relation to advice received from FSGA or its authorised representatives you should do so by 4 June 2026 (25-102MR).
Following an application made by ASIC, the Federal Court has made interim travel restraint orders against Falcon Capital Limited directors David Anderson and Simon Selimaj, preventing Mr Anderson and Mr Selimaj from leaving Australia until 27 February 2026. The Federal Court also made interim orders freezing the assets of Mr Selimaj until 27 February 2025 (25-117MR).
On 22 August 2025, the Federal Court made orders appointing a receiver and manager to the personal property of Mr Selimaj and dismissed Mr Selimaj’s application to set aside the travel restraint and asset preservation orders made on 26 June 2025.
ASIC has commenced civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited (Equity Trustees), alleging failures in due diligence concerning the Shield Master Fund.
ASIC also has on ongoing investigation into Equity Trustees in relation to the onboarding and ongoing monitoring of the First Guardian Master Fund (25-176MR).
On 29 August 2025, ASIC sought leave from the Federal Court to expand its existing proceeding against former financial adviser Ferras Merhi to allege he engaged in unconscionable conduct, failed to act in the best interests of clients, gave conflicted advice, and provided defective statements of advice whilst receiving millions of dollars (25-184MR).
